Recording Rental Mgmt company bills

Cam Ellison cam at ellisonpsychology.ca
Sun Apr 1 18:28:58 EDT 2007


Tuc at Beach House wrote:
> Hi,
> 
>      (Sorry for my non-usual email address... GNUCASH.ORG doesn't like that
> my primary MX is about to take a dirt nap.)
> 
>         I was wondering how everyone records rental property statements
> from the management company. I was looking to do it as a bill from them, but
> it only lets me pick from assets/expenses/liabilities. I get bills like :
> 
> 1/1/06 - RENTAL NAME - RENTAL DATE - 1,897.50CR             BAL: 1,897.50CR
> 1/1/06 - Comission -                607.20                  BAL: 1,290.03CR
> 1/6/06 - Listing Fee                150.00                  BAL: 1,140.30CR
> 1/6/06 - Linen fee                  100.00                  BAL: 1,040.30
> 1/6/06 - Maintenance -Fix door      100.00                  BAL: 940.30
> 1/31/06- ACH to owner               540.30                  BAL: 400.00
> 
>         I need to be able to track all comission, other fees, linen fees,
> maintenance charges, and then get the ACH to my Assets/Checking account.

IANAA, but my wife and I have rental properties.  We show the gross 
revenue under Income, and the commission, etc. under their own expense 
categories.  Treat it as though you actually received all the money 
(which you have to account for at tax time, anyway) and then disbursed 
portions of it, but do it in a split transaction in your chequing account:

Income:Rental          1897.50
Expenses:Commissions              607.20
Expenses: Listing Fee             150.00
Expenses: Linen Fee               100.00
Expenses: Maintenance             100.00
Assets:Checking                   540.30
Assets:Receivables                400.00

I'm glad I don't have to pay out commissions like that....

HTH

Cam


-- 
Cam Ellison, Ph.D. R.Psych. #1417

Cam Ellison & Associates Ltd.
3446 Beach Avenue
Roberts Creek BC      V0N 2W2
Phone:           604-885-4806
Fax:             604-885-4809



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